Property & Casualty Insurance Market in Sweden - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Property & Casualty Insurance Market in Sweden. The market is segmented by type (Home Insurance, Vehicle Insurance, and others) by Distribution Channel (Direct, Agency, Banks, and Others)

Market Snapshot

Study Period: 2016 - 2026
Base Year: 2021
CAGR: <5 %

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Market Overview

  • Property & Casualty Insurance Market in Sweden is estimated to grow at a CAGR of approximately 5% during the forecast period.
  • Every year Swedish insurance companies pay out large sums in pensions and compensation for claims. This creates financial protection for both households and businesses. The Swedish insurance industry consists of about 300 companies that together employ more than 21,000 people and invest more than SEK 4,500 billion in the Swedish and global economy. For non-life insurance, premium income amounted to a total of more than SEK 88 billion in 2018, of which about SEK 18 billion was paid by companies and SEK 70 billion by households.
  •  Insurance companies’ total assets were valued at SEK 998 billion at the end of 2018, a decrease of SEK 55 billion compared with the previous year. National non-life insurance companies’ net premiums written amounted to SEK 78 billion at the end of 2018, an increase of SEK 12 billion compared with 2017. Total assets of national non-life insurance companies amounted to SEK 514 billion, a decrease of SEK 7 billion compared with 2017. Results amounted to minus SEK 4 billion, which can be compared with the results of minus SEK 3 billion a year ago. Larger local non-life insurance companies reported net premiums written of about SEK 22 billion in 2018. The balance sheet total was SEK 116 billion, approximately SEK 8 billion more than the previous year. Results amounted to SEK 554 million, an increase of SEK 547 million compared with the previous year.

Scope of the Report

This report aims to provide a detailed analysis of the Property & Casualty Insurance Market in Sweden. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Property & Casualty Insurance Market in Sweden.

By Insurance Type
Home Insurance
Vehicle Insurance
Others
By Channel of Distribution
Agency
Direct
Banks
Others

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Key Market Trends

Non-Life Insurance premium is the highest in insurance sector:

The highest non-life insurance premium income in Sweden as of third quarter 2019 came from motor vehicle insurance and amounted to 31.3 billion Swedish kronor. It was followed by corporate and property insurance, which was 19.5 billion Swedish kronor. Many insurance policies compensate households for damages on homes and houses, boats, cars and other vehicles. Vehicle insurance is the most common of these policies. At the end of 2018, there were almost 5.1 million private cars and just over 3 million other insured motor vehicles. Home insurance and homeowner insurance are also common, Homeowner insurance policies do not only cover costs of damages under the standard home insurance policy, but also function as financial protection against damages that can affect the property itself. In 2018, the number of home insurance policies was more than 3.3 million and the number of homeowner insurance policies was 1.8 million.

t1

Fintech adoption in Sweden:

Fintech adoption rates in 64% in Sweden, Insurtech is trending in the insurance industry. Insurance is designed to make enrolling in and managing your insurance policy as easy and technologically advanced as possible. The insurance industry is amid a digital transformation, with AI being employed in areas as diverse as underwriting and claims, customer service chatbots and risk assessments. AI can expedite processes and is helping refresh a historically ‘traditional’ sector. Insurtech reduces the cost and can provide better service to the customers.

t2

Competitive Landscape

The report covers the major players operating in the Property & Casualty Insurance Market in Sweden. The market is consolidated, major market share is captured by few market players. The prominent players of property and casualty Insurance market in Sweden are Folksam Ömsesidig Sakförsäkring, If Skadeförsäkring AB (publ), Länsförsäkringar Skåne – Ömsesidigt.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Type

      1. 5.1.1 Home Insurance

      2. 5.1.2 Vehicle Insurance

      3. 5.1.3 Others

    2. 5.2 By Channel of Distribution

      1. 5.2.1 Agency

      2. 5.2.2 Direct

      3. 5.2.3 Banks

      4. 5.2.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Folksam Ömsesidig Sakförsäkring

      2. 6.3.2 If Skadeförsäkring AB (publ)

      3. 6.3.3 Länsförsäkringar Skåne - Ömsesidigt

      4. 6.3.4 Trygg-hansa

      5. 6.3.5 Dina Försäkring AB

      6. 6.3.6 Sirius International Försäkrings AB (publ)

      7. 6.3.7 Sveriges Ångfartygs Assurans Förening

      8. 6.3.8 Solid Försäkrings AB

      9. 6.3.9 Stockholms Stads Brandförsäkringskontor

      10. 6.3.10 S:t Erik Försäkrings AB

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Property & Casualty Insurance Market market is studied from 2016 - 2026.

The Property & Casualty Insurance Market is growing at a CAGR of <5% over the next 5 years.

Folksam Ömsesidig Sakförsäkring, If Skadeförsäkring AB (publ), Länsförsäkringar Skåne - Ömsesidigt, Trygg-hansa, Dina Försäkring AB are the major companies operating in Property & Casualty Insurance Market.

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